Swedish fintech mainstay Klarna has obtained a full banking licence in Sweden.

The approval, effective immediately, was granted by Sweden’s financial supervisory authority, Finansinspektionen.

“We are now one of Europe’s largest banks with 60 million customers, 70,000 merchants and working seamlessly across borders,” said Klarna CEO, Sebastian Siemiatkowski.

The licence will allow Klarna, which was founded in 2005, to broaden its products for both consumers and merchants.

“Klarna has played a role in disrupting payments services for the better and now as a consumer-oriented, product driven and technology intensive bank, we have the tools to drive change in retail banking,” added Siemiatkowski.

“We will do this by providing solutions that ensure a smooth customer experience, help people streamline their financial lives and continue to support businesses by solving the complexity in handling payments.”

Klarna will be changing its official name to Klarna Bank. To date, the company has raised over $370 million in VC funding from investors like Atomico, Creandum, and Northzone. Most recently, it received a new influx of money from Danish fashion entrepreneur Anders Holch Povlsen.

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